Distinguish between the general audit objectives and management assertions. Why are the general audit objectives more useful

Question:

Distinguish between the general audit objectives and management assertions. Why are the general audit objectives more useful to auditors?

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Auditing and Assurance services an integrated approach

ISBN: 978-0132575959

14th Edition

Authors: Alvin a. arens, Randal j. elder, Mark s. Beasley

See More Books

Question Posted: Oct 10, 2012 07:19 AM

See More Questions

Which of the following will most likely provide the most assurance concerning the accuracy balance-related objective for accounts receivable? 1.Vouch amounts in the subsidiary ledger to details on...
Why are departmental predetermined OH rates more useful for managerial decision making than plantwide OH rates? Why do firms use separate variable and fixed rates rather than total rates?
Distinguish between general audit objectives and management assertions. Why are the general audit objectives more useful to auditors?
Which of the following pairs of steps in the programming process is in the correct order? a. Code the program, plan the logic b. Test the program, translate it into machine language c. Put the...
Find a basis and calculate the dimension of the following subspaces of R4. (a) U-{[a a + b a-b b]T|a and b in R}. (b) U={[a + b a-b b a]T | a and b in R}. (c) U={[a b c + a c]T |a, b, and c in R}....
You're given the following individual demand tables for comic books. a. Determine the market demand table. b. Graph the individual and market demand curves. c. If the current market price is $4,...
The cumulative normal distribution can be approximated (to within about six decimal places) by the modified polynomial relation where Use this formula to find the value of a call option with...
Using Figure 7-5 as an example, redraw Figure 7-13 using an enterprise information system that processes a shared database. Explain the advantages of this system over the paper-based system in Figure...
A set S R^n is convex if for all x, y S and t [0, 1], we have (1 t)x + t y S (in other words, if S contains the points x and y, it contains the entire line segment between them). (a) If W R^n is a...
Janet Enterprises incorporated on May 3, current year. The company engaged in the following transactions during its first month of operations. May 3 Issued capital stock in exchange for $950,000...
Define what is meant by a management assertion about financial statements. Identify the three broad categories of management assertions.
An acquisition of a fixed-asset repair by a construction company is recorded on the wrong date. Which transaction-related audit objective has been violated? Which transaction-related audit objective...
Find the values of the indicated functions assuming is an acute angle, the values are approximate. Given cos = 0.0326, find sin and tan.
Under the Fair Value through Net Income Method, what events must be recorded when the equity investment is sold?
In order to accurately calculate an employee's pay, it is important that payroll clearly understands the different types of employee remuneration. In your own words, list and define the four...
When she tested his program with a purchase price of $5.50 and a sales tax of 5%, Jill observed the following unexpected output: Enter the purchase price as $: 5.50 Enter the tax rate as %: 5...
Osborne Company acquired three machines in a package deal for an amount less than the combined fair value of the assets. How should Osborne record the cost of the assets on its books?
describe and correct the three error(s) in the table below: Repayment Schedule for a $1200 Loan at 12% for 12 months. Payment Number Monthly Payment Amount for Interest Amount for Principal New...
Discuss the key elements of safety regulation in banking. What specific role does each play in ensuring bank safety? To what extent are these regulations complements or substitutes in this regard?
The roof of a refrigerated truck compartment is of composite construction, consisting of a layer of foamed urethane insulation (t2 = 50 mm, ki = 0.026 W/m K sandwiched between aluminum alloy panels...
Compute Z/Y of system shown in Fig. D3.7. Xo- Y G H G H 3 G5 G - H G - H OZ
Winston Black was an audit partner at Maharajah, Davis, LLP. He was in the process of reviewing the audit files for the audit of a new client, McMullan Resourcing. McMullan was in the business of...
Kent, CPA, is the engagement partner on the financial statement audit of Super Computer Services Co. (SCS) for the year ended April 30, 2015. On May 6, 2015, Smith, the senior auditor assigned to the...
Assessing Risk at Niko Resources Refer to Auditing in Action 6-3 . a. Based upon the facts presented related to Niko, explain how they impact the risk of material misstatement. Explain if it has an...
O O A Dundas Company's inventory records for its retail division show the following at May 31: (Click the icon to view the accounting records.) At May 31, 10 of these units are on hand. Dundas...
4. R got 35% hike in his salary and 20% incentive on sales. If R sold goods worth Rs. 850 last year and the salary was Rs 70, then how much more does he earn this year with sales of Rs.900?
Teachers salaries have not been increasing as fast as the pay in many other types of work. Explain why you think this might be true. use graph of the supply and demand for teacher's labor to help...

Distinguish between the general audit objectives and management assertions. Why are the general audit objectives more useful

Question:

Step by Step Answer:

General audit objectives follow from and are closely related to management assertions Gen...View the full answer

Auditing and Assurance services an integrated approach

Students also viewed these Auditing questions